The Golden State has always been a place of opportunity for tenacity, talent, and vision. So, it’s no surprise that California boasts the fifth-largest economy in the world – larger than that of many countries, including the UK.
What makes California such a fertile ground for a diverse array of entrepreneurs? Great weather, a driven workforce, natural resources, and accessible local, regional, and global markets are only part of the answer.
California Small Businesses
California entrepreneurship opportunities span the entire economic landscape and leverage consumer trends. If you’re ready to open or expand a California small business, there are many options to consider. Apart from the state’s famous concentration of tech startups, e-commerce and electronics segments form the basis for thousands of companies. You may not know it, but California also is a friendly market for alternative energy-related businesses and supports strong educational industries.
Small Business Keys to Success
Like anything worth doing, starting a small business involves a degree of risk. Having a solid plan and staying grounded in the basics can help a business survive and thrive. Start with these elements:
Strong businesses begin with a strategic focus, both in terms of a pre-launch business plan and a plan to market the selected offerings. In either case, consistency of vision is key. Learn as much as possible about your target market and your product or service offerings.
Small businesses, especially startups, require special qualities from their employees. Beyond hiring qualified people, find individuals fully committed to your vision and capable of working together as a unit.
This may not be your greatest consideration when starting out, but a successful strategy for growth and stability needs to include positive cash flow. This type of growth is the litmus test for your efforts, so closely watch revenue but lay out a plan emphasizing the company’s potential future cash flow.
The lifeblood of any small business is having access to reliable capital to get the business off the ground. California Bank & Trust is a lender that understands and is dedicated to the state’s small businesses. If you’re considering a startup, find and work with one of CB&T’s experienced banking specialists who can help. Visit
www.calbanktrust.com for details.
Submitted by California Bank & Trust